CNX Resources (NYSE:CNX) Price Target Cut to $22.00 by Analysts at Piper Sandler

CNX Resources (NYSE:CNX) had its price target dropped by Piper Sandler from $23.00 to $22.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas producer’s stock. Piper Sandler’s price target suggests a potential downside of 19.90% from the company’s current price.

Several other equities analysts have also recently commented on the company. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Mizuho reduced their target price on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. BMO Capital Markets boosted their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Finally, Morgan Stanley assumed coverage on shares of CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 target price on the stock. Nine investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $29.67.

CNX Resources Stock Down 1.3 %

CNX opened at $27.46 on Wednesday. The business has a 50 day moving average of $34.63 and a 200-day moving average of $32.15. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 8.64, a P/E/G ratio of 0.47 and a beta of 1.42. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources has a 1-year low of $19.07 and a 1-year high of $41.93.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. As a group, sell-side analysts anticipate that CNX Resources will post 1.59 earnings per share for the current year.

Insider Buying and Selling at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of CNX Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Securities Inc. boosted its position in CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock valued at $91,000 after buying an additional 691 shares during the last quarter. Congress Asset Management Co. increased its position in CNX Resources by 7.2% in the fourth quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after purchasing an additional 17,951 shares during the period. Rhumbline Advisers raised its holdings in CNX Resources by 1.3% during the 4th quarter. Rhumbline Advisers now owns 494,625 shares of the oil and gas producer’s stock worth $18,138,000 after purchasing an additional 6,404 shares during the last quarter. Autumn Glory Partners LLC acquired a new position in CNX Resources during the 4th quarter valued at about $220,000. Finally, Savant Capital LLC bought a new position in shares of CNX Resources in the 4th quarter valued at about $261,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

About CNX Resources

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.